U.S. and China make “substantial” trade talk progress

China/United States
Published:  27 February, 2019

The U.S. President, Donald Trump, said both countries are “very, very close" to reaching an agreement following a weekend of talks held in Washington DC.  

Trump said on February 24 that following the constructive talks with Xi Jinping, China’s President, he is delaying the tariff increases (from 10% to 25%) on US$200 billion of Chinese products, which were scheduled to be imposed on March 2. According to the U.S. President, “substantial progress” had been made during the talks and that both nations are likely to hold a signing summit in March.

However, several Chinese negotiators are said to have stayed in Washington after the talks as problems still remain, including gaps in structural issues such as technology. Allegedly, China has committed to buying up to US$1.2 trillion in U.S. goods, but there had been no progress on the intellectual property issues.

Reportedly, business owners and lobbyists have generally agreed with some of the U.S. administration’s goals, such as fighting for more equal treatment for foreign companies operating in China. However, they are said to disagree with the use of tariffs as leverage, since it can potentially impact U.S. importers and their customers.

Source: BBC/New York Times